The Russian Finance Ministry sees the need of transitioning to more advance methods in implementation of state programs

MAGNITOGORSK, June 21. /TASS/. The Finance Ministry considers possible to abandon certain budget expenditures, particularly in respect of support of industries and subsidies, Minister Anton Siluanov said on Tuesday.

The ministry sees the need of transitioning to more advance methods in implementation of state programs, he said.

"Government programs should essentially become a project instrument for implementation of our budget policy. Ministries and agencies, being actionees of programs, will be functionally responsible for delivery of tasks set by the government," Siluanov added.

Ministry plans to set $40/bbl oil price in 2017-2019 budget

The ministry plans to set the oil price of $40 a barrel in the Russian budget for 2017-2019.

"We set $40 per barrel," Siluanov said.

The Finance Ministry suggests setting the oil price of $40 per barrel for the next three years "in order to mitigate budget performance risks in case of further oil price changes," the minister added.

According to the official outlook of the Economic Development Ministry, the average annual oil price will be $40 per barrel in 2016-2019.